News Centre

Opening Statement Of CFTC Commissioner Dan M. Berkovitz At July 22 Commission Meeting - We Must Preserve The Protections Of The Dodd-Frank Act

Date 22/07/2020

Ten years ago yesterday, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).  Drafted in the midst of the most severe financial crisis and economic recession since the 1930s, the Dodd-Frank Act created a new, comprehensive framework for regulating swap markets.  The absence of swap market regulation and transparency had helped to cause the crisis.  Over the past decade, the CFTC has worked diligently to develop regulations to implement the Dodd-Frank framework.

Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Establishing Capital Requirements For Swap Dealers And Major Swap Participants And Amending Existing FCM Capital Requirements

Date 22/07/2020

Ten years and one day ago, the Dodd-Frank Act Wall Street Reform and Consumer Protection Act was enacted.  I am proud to vote for today’s final rule which, in my view, is the capstone of the Commodity Futures Trading Commission’s (CFTC or Commission) work to appropriately calibrate the post-crisis reforms.  Capital ensures that firms are able to continue to operate during times of economic and financial stress by providing an adequate cushion to protect them from losses.  Just as important as the safety and soundness of individual firms, capital is designed to give the marketplace confidence that any given firm has a high probability of surviving the next crisis.

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Final Swap Dealer Capital Rule

Date 22/07/2020

Today marks 10 years and a day since the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) was signed into law.  Much has changed during the past decade—our derivatives markets today are faster, increasingly digital, and more deeply connected to the global economy than they were in 2010.  Yet amidst these changes, there has been at least one constant: the absence of capital requirements for swap dealers and major swap participants for which the CFTC is responsible.  As a response to the credit crisis of 2008, Section 731 of the Dodd-Frank Act amended the Commodity Exchange Act (“CEA”), providing that the CFTC “shall adopt” capital and financial reporting requirements for these entities.  It is high time to fulfill this mandate and close the book on our Dodd-Frank Act responsibilities.  After all, “late” is always better than “too late.” 

New York State Department Of Financial Services Announces Cybersecurity Charges Against A Leading Title Insurance Provider For Exposing Millions Of Documents With Consumers' Personal Information - First Cybersecurity Enforcement Action Filed By The Department Of Financial Services

Date 22/07/2020

The New York State Department of Financial Services (DFS) today filed a statement of charges against First American Title Insurance Company.  DFS alleges that First American exposed hundreds of millions of documents, millions of which contained consumers’ sensitive personal information (“Nonpublic Information”) including bank account numbers, mortgage and tax records, Social Security Numbers, wire transaction receipts, and drivers’ license images.  These charges are the first to be filed alleging violations of DFS’s Cybersecurity Regulation, Part 500 of Title 23 of the New York Codes, Rules, and Regulations.

Opening Statement Of CFTC Commissioner Rostin Behnam Before The Meeting Of The Commodity Futures Trading Commission

Date 22/07/2020

Questions and concerns about the COVID-19 virus have rightfully dominated headlines and pervaded our daily conversations dating back to the first weeks of this year when there were still so many unknowns. How severe was it going to be? Why are some people impacted more than others when they are infected? How exactly does it spread? And, of course, when will we be able to resume normal life? What will the new “normal” be? We may not know the precise answers to many of these questions until well after the pandemic has passed.  But, in the meantime, the rapid, exponential spread of the virus seemingly evades a complete understanding of how we can address and mitigate the risk it poses to the population in the near and long term. 

ETFGI Reports Assets Invested In ESG (Environmental, Social, And Governance) ETFs And ETPs Listed Globally Reached A New Record Of 88 Billion US Dollars At End Of June 2020

Date 22/07/2020

ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that ESG (Environmental, Social, and Governance) ETFs and ETPs listed globally gathered net inflows of US$3.49 billion during June, bringing year-to-date net inflows to US$32.02 billion which is significantly more than the US$9.86 billion gathered at this point last year.  Assets invested in ESG ETFs and ETPs increased by 7.3% from US$82 billion at the end of May 2020 to reach US$88 billion a new record at the end of June, according to ETFGI’s June 2020 ETF and ETP ESG industry landscape insights report, an annual paid-for research subscription service.  (All dollar values in USD unless otherwise noted.) 

SEC Adopts Rule Amendments To Provide Investors Using Proxy Voting Advice More Transparent, Accurate And Complete Information - SEC Issues Supplemental Guidance Concerning Proxy Voting Responsibilities Of Investment Advisers

Date 22/07/2020

The Securities and Exchange Commission today voted to adopt amendments to its rules governing proxy solicitations designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions.  The amendments aim to facilitate the ability of those who use proxy voting advice—investors and others who vote on investors’ behalf—to make informed voting decisions without imposing undue costs or delays that could adversely affect the timely provision of proxy voting advice.

The EBA Observes An Increase In High Earners In 2018 And The Persistence Of Differences In Remuneration Practices Across The EU

Date 22/07/2020

The European Banking Authority (EBA) published today its Report on benchmarking of remuneration practices in EU banks for the financial years 2017 and 2018 and high earners data for 2018. The data shows that in 2018, the number of high earners in EU banks receiving a remuneration of more than EUR 1 million increased slightly by 1.58%, from 4 861 in 2017 to 4 938 in 2018. Over a longer period of time, the number of high earners increased significantly (+44.09%), from 3 427 in 2010 to 4 938 in 2018. The average ratio of variable to fixed remuneration for all high earners in the EU/EEA increased over time from 127% in 2014 to 139% in 2018. The observed remuneration levels of high earners reached up to EUR 39 million.

tZERO Partners With Aspen Digital Inc. To Enable The Trading Of The St. Regis Aspen Digital Security

Date 22/07/2020

ZERO, a leader in financial innovation and liquidity for private companies, announced today that it has entered into a partnership with Aspen Digital Inc. to enable its digital security (ASPEN) to trade on the tZERO ATS. The ASPEN shares represent $18 million of indirect ownership in the St. Regis Aspen Resort, a five-star, 179-room luxury hotel located in Aspen, Colorado.

EBA Is Looking Into Ways To Reduce Reporting Costs

Date 22/07/2020

• The EBA study of the cost of compliance with supervisory reporting requirements is an important element in the EBA work on proportionality in supervisory requirements.
• The study aims to better understand reporting costs and identify ways to reduce the costs by 10 – 20% at least for small and non-complex institutions.
• The contribution of the EU banking industry to the study is essential, and the EBA invites all EEA banks and other interested stakeholders to answer an EBA questionnaire or submit ‘fact-finding’ case studies by October 2020.